Economy
Naira Depreciates at BDC Segment as CBN Resumes Weekly FX Sales
By Adedapo Adesanya
The value of the Naira further depreciated against the US Dollar at the Bureaux De Change (BDC) segment of the foreign exchange (forex) market on Thursday as the Central Bank of Nigeria (CBN) announced that it will resume the suspended weekly forex sales to operators from Monday, August 31.
In a circular signed by the Director of Trade and Exchange Department of the CBN, Mr O.S. Nnaji, it was stated that BDCs must not exchange the naira at more than N386/$.
The apex bank said the decision to resume sales of the foreign currency to BDCs is to allow travellers to get forex as the country prepares to resume international flights from next week.
The federal government had announced yesterday that international flights will resume on September 5 instead of the initially announced August 29.
Providing a breakdown of the rates, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:
IMTSOs to banks: N382/$1; Banks to CBN: N383/$1; CBN to BDCs: N384/$1; and BDCs to end-users: Not more than N386 volume of sale to each market is $10,000 per BDC.
The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.
A look at the performance of the Naira against the US Dollar at the BDC window yesterday, according to data gathered by Business Post from the Association of Bureaux De Change Operators (ABCON), showed that the local currency dropped against the greenback across the four major locations tracked.
At the Lagos BDC market, the domestic currency depreciated by 40 kobo against the Dollar to sell for N477/$1 as against the previous rate of N476.60/$1, while it appreciated by N1 against the Pound to close at N617/£1 versus N618/£1 and closed flat on the Euro at N552/€1.
In Abuja, the local currency weakened against the US Dollar by N2 to N477/$1 from N475/$1 and remained unchanged against the Pound at N620/£1 and as well traded flat against the Euro at N555/€1.
At the Port Harcourt market, the Naira lost 50 kobo against the greenback to close at N476/$1 in contrast to N475.50/$1 it previously closed but appreciated by N2 on the Pound to N612/£1 from N614/£1 and closed flat against the Euro at N553/€1.
At the Kano BDC market, the local currency depreciated by N2 against the American currency to quote at N477/$1 as against N475/$1 on Wednesday and fell by N13 against the Pound to N608/£1 from N595/£1 while on the Euro, it lost N4 to trade at N552/€1 versus N548/€1.
At another segment of the market, the Investors and Exporters (I&E), the Naira gained 25 kobo against the greenback to close at N385.75/$1 in contrast to N386/$1 a day before.
At the close of the session, investors exchanged a total of $43.16 million compared to the previous session’s $14.47 million, indicating a day-on-day rise of 198.3 per cent or $28.69 million.
At the black market, the local currency remained stable against the American currency at N477/$1. It, however, lost N3 each on the Pound and the Euro to close at N615/£1 and N555/€1 from N612/£1 and N552/€1 respectively.
At the interbank window yesterday, the Naira/Dollar exchange rate remained at N379/$1.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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